Bush Seemingly Resigned to High Gas Prices

As oil prices hit a record, drivers worried about $3-a-gallon gas and politicians feared the impact on elections, President Bush on Friday acknowledged the pain but seemed resigned to being able to do little about it.

"I know the folks here are suffering at the gas pump," the president said while promoting his competitiveness initiative at the Silicon Valley headquarters of Internet networking company Cisco Systems Inc. "Rising gasoline prices is like taking a — is like a tax, particularly on the working people and the small-business people.

But to address the immediate problem, Bush offered only a pledge that "if we find any price gouging it will be dealt with firmly."

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